A new IRS rule requires anyone who earns over $600 on payment apps in 2023 to file a 1099-K form next year, as the threshold change drops from $20,000 earned over 200 transactions.
And make no mistake, social media users know who to blame: President Joe Biden.
Biden has claimed there are hundreds of billionaires paying lower federal tax rates than schoolteachers, police officers, firefighters and nurses, and called on Congress to “pass my proposal for the billionaire minimum tax” in his Feb. 7 State of the Union address. The proposal would be dead on arrival, but Biden continued the political posturing in his proposed budget, asking Congress to levy a 25% minimum tax on billionaires.
Yet, the rule targeting payments of goods and services over $600 pushes on… confusion over the changes led the IRS to delay its implementation in December.
Starting next year, a new IRS rule will require anyone earning over $600 on payment apps, like Venmo, in 2023 to receive a 1099-K form. The old threshold was earning $20,000 over 200 transactions. pic.twitter.com/TaygGwFBep
— CBS Evening News (@CBSEveningNews) April 12, 2023
Changes that no one voted for.
“This is not a tax law change,” TurboTax’s Lisa Greene-Lewis told CBS News. “This is just a reporting requirement for those third parties like Venmo, PayPal and the credit card companies.”
“According to the IRS, money exchanged between friends on those apps should not be taxed. As added protection, experts warn users to classify their transactions to family and friends as personal, not goods or services,” the network reported.
The popular Twitter account Amuse tweeted, “Promise Kept! Biden promised to go after billionaires and this is proof he is! Most billionaires are hiding their income by using Venmo to collect income at $600 a pop. This new rule will force them to pay their fair share! Thank you Joe!”
Promise Kept! Biden promised to go after billionaires and this is proof he is! Most billionaires are hiding their income by using Venmo to collect income at $600 a pop. This new rule will force them to pay their fair share! Thank you Joe! https://t.co/Eg5EOekEZj
— @amuse (@amuse) April 13, 2023
Here’s a sampling of other responses to the story from Twitter:
Oh, Biden said those 80k new IRS agents were going to go after millionaires! How many Etsy stores and venmo Biz are run by millionaires?
— freedom’s toad (@ToadonaWire) April 13, 2023
Finally, billionaires are paying their fair share.
Remember when we said this was going to happen, and you and other corporate media news outlets “fact-checked” us?
— Spike Cohen (@RealSpikeCohen) April 14, 2023
How in the world can the IRS enforce this? Oh that’s right, 87,000 new agents.
— TrustGravity (@FunWithTrust) April 14, 2023
Our pathological liar of a president indicated the IRS would only be coming after a millionaires.
You voted for this senile SOB lefties. I hope you’re happy.
— David Wohl (@DavidWohl) April 13, 2023
Biden’s America. pic.twitter.com/0XGaAaYeWR
— Brian Doherty (@BDOH) April 13, 2023
Yep, because millionaires and billionaires sit around making $600 on venmo.
Biden is a demented lying puppet and democrats are braindead Marxist leftists. https://t.co/xue3ZnUBln
— Constitutionally concerned fed up californian (@UpInTheHills) April 13, 2023
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The longest-tenured writer at BizPac Review, Tom grew up in Maryland before moving to Central Florida as a young teen. It is in the Sunshine State that he honed both his passion for politics and his writing skills.
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